The Government issued Decree No 80/2010/ND-CP on July 14, regulating investment and co-operation with foreign partners in the area of science and technology.
The decree covers co-operation with foreign partners in science and technology organisations, research and training. It requires co-operation agreements in science and technology area to be in the form of a written agreement or memorandum of understanding, the execution of which must be reported to the competent State authority within 15 days from the date of execution.
Foreign investment procedures in science and technology must be carried out in accordance with State law. Science and technology organisations established with foreign capital must be approved by competent State authorities and meet other investment conditions, including an investment certificate, a charter stating an appropriate scope of activities, specialised human resources and appropriate facilities. They must also be approved in writing by the provincial People's Committee in which the headquarters of the organisation is located and meet environmental requirements.
Foreign science and technology organisations that have been in operation for at least one year will be allowed to establish a representative office in Viet Nam. Those with five years in operation will be allowed to establish branches, consistent with Viet Nam's commitments under international agreements.
by Lawyers of Bizconsult Law Firm